No More State Income Tax on SocSec Benefits in New Mexico!

[biku324]

Lookie here what just passed - Social Security benefit tax exemption from state income tax for married filing jointly who have less than $150,000 Adjusted Gross Income! The gov indicated she'll sign it.

We don't have many services, but now our taxes are really low.

Legislation - New Mexico Legislature

 

[Nevada Ed]

Well it is about time..................

I got taxed on all my paychecks and then they tax it again !!

How many times is the Gov. going to tax you, on the same money ?? !!

This is one of my MAJOR pet peeves.
Don't get me started.

and I don't mind being dinged on this post !!

 

[Shark Bait]

I get hammered by state and federal every year

 

[THE PILGRIM]

What about us Single Folks?
Do we still have to pay it?

 

[Sistema1927]

That bill also exempted Military retirement pay from NM state tax, and added a new $250 per person tax rebate. The fact that no new gun control passed was also a bonus.

I would be venturing into forbidden "political" territory to say anything more, but suffice it to say that this wasn't too bad a 30 day session.

 

[Sistema1927]

What about us Single Folks?
Do we still have to pay it?

Not if you are single under $100k per year.

 

[THE PILGRIM]

That is good news!
Removing Ret Mil Pay and Socialized Insecurity cuts my income way down.
A while back - NM taxed Military Retirement but not State Employees Retirement.
So 'We' did a Class Action Lawsuit.
We Won! OMG!
The Ruling was you can't differentiate between classes of retirees.
No Problemo!
They just started Taxing everybody!
So backing off on SS and Mil Retirement is unexpected!

 

[Targets Guy]

Iowa did that (military retirement pay) a few years ago and it was very welcomed. I still withhold for state tax cuz you can never trust the people you elect but so far I get it all back. Iowa is in pretty good shape now with billions in surplus in the coffers and the gov is trying to push through more tax reduction measures.

 

[glenwolde]

I think you linked to the wrong bill? I don't see anything about SSI in that,

 

[biku324]

My link sent you to the original bill - what passed doesn't even resemble that! Here's what passed: https://nmlegis.gov/Sessions/22 Regular/bills/senate/SB0005CTS.pdf

Sorry about that!

 

[MRB1]

Anybody past the age of 70 should not have to pay taxes of any kind.

 

[biku324]

I'll agree more in just a few years.

 

[Golddollar]

One of the reasons I left Maryland and came back to PA was because PA doesn't tax retirement income. Maryland's governor is finally realizing it might be necessary to stop taxing retirees' incomes to keep them from fleeing Maryland. Whether he can get it through the General Assembly is another story.

 

[Erich]

We make too much money, so we'll still be taxed on the SS.

 

[HOUSTON RICK]

What about no state or local tax on any income?

 

[DWalt]

Of course here in Texas, there is no state personal income tax on any source of income. But property and sales tax rates are fairly high.

I always felt that it was a travesty that the Feds tax social security income for most citizens having an income over $25K.

 

[biku324]

What about no state or local tax on any income?

State income tax gets levied against other income. Top rate (we should be so lucky as to be in that bracket) is 5.9% for over $210k AGI. No personal property tax, no taxes on private motor vehicle sales. Real property tax isn't bad either - I pay $700 per year on 1900 sq ft of house with outbuildings on 6 acres. It varies a little by county, but not much.

Local govt can't tax income.

 

[Protocall_Design]

I have to pay $5000 per year on a house on 1 acre. They have assessed the property value at $100,000 more than what it would ever sell for.

 

[biku324]

The tax man sucketh.

 

[Fishinfool]

It was one of the reasons I decided to stay in PA when I retired instead of going up to Maine - No state tax on any retirement income, regardless of age. It adds up. I retired at 50.

Larry